PublicInvest Research

Author: PublicInvest   |   Latest post: Wed, 12 May 2021, 9:06 AM


PublicInvest Research Headlines - 17 Feb 2021

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US: New York manufacturing index jumps much more than expected in Feb. New York manufacturing activity grew at its fastest pace in months in Feb, according to a report released by the Federal Reserve Bank of New York. The New York Fed said its general business conditions index jumped to 12.1 in Feb from 3.5 in Jan, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to rise to 6.0. With the much bigger than expected increase, the general business conditions index reached its highest level since hitting 17.0 last Sept. (RTT)

US: Financial outlook mostly good, growth could outpace China. Financial conditions in the US were “generally good” right now, with the potential for its economic growth to outpace China, St. Louis Fed president James Bullard said as the country heads into its second year of the Covid-19 pandemic. As US health officials move to inoculate the population against the coronavirus, the country has moved on from the kind of panic situation it faced last spring and could see a “roaring” economy as it emerges from the pandemic. On bitcoin, which vaulted above USD50,000 for the first time, Bullard said the cryptocurrency’s price did not affect Fed policy. (Reuters)

EU: GDP falls less than estimated in 4Q. The euro area economy contracted at a slightly slower than initially estimated pace in the 4Q amid Covid-19 control measures, the flash estimate published by Eurostat showed. GDP declined 0.6% sequentially instead of 0.7% estimated previously. The fall reversed a record 12.4% rebound seen in the 3Q. On a yearly basis, GDP was down 5%, bigger than the 4.3% decline in the 3Q but slower than the 5.1% drop estimated on February 2. In 2020, GDP was down 6.8%, which was unchanged from the prior estimate. The statistical office revised economic contraction for EU27 to 0.4% from 0.5%. (RTT)

EU: German investor morale surges on shopping spree expectations. Investor morale in Germany rose beyond even the most optimistic forecast in Feb on expectations consumption will take off in the coming months, the ZEW economic research institute said, buoying the outlook for Europe’s largest economy. The ZEW survey of investors’ economic sentiment showed a rise to 71.2 points from 61.8 the previous month. The read-out showed euro zone output fell less than initially estimated in the last quarter of 2020, boosted the euro. Consumption and retail trade are expected to recover significantly, accompanied by higher inflation expectations. (Reuters)

EU: French unemployment falls to pre-crisis levels in 4Q, skewed by lockdown. Unemployment in France fell to pre-pandemic levels in the 4Q of 2020, though the data was partially skewed by a six-week Covid-19 lockdown during which jobseekers were unable to register as jobless, the INSEE statistics office said. Unemployment in the eurozone’s second biggest economy fell 1.1 percentage points to 8%, official data showed. That compared with a revised 9.1% in the 3Q and 8.1% in the last three months of 2019. The number of workers on a long-term contract edged higher to 49.8% from 49.2% in the previous quarter as some hiring activity resumed. (RTT)

EU: Italy trade surplus rises in Dec. Italy's trade surplus increased in Dec, as exports rose and imports declined, data from the statistical office Istat showed. The trade surplus rose to EUR6.844bn in Dec from EUR5.064bn in the same period last year. In Nov, the trade surplus was EUR6.751bn. Exports grew 3.3% YoY in Dec, following a 1.1% rise in Nov. On an annual basis, imports fell 1.7% in Dec, following an 3.2% decrease in the preceding month. On a monthly basis, exports decreased 3.8% and imports dropped 1.1% in Dec. In the 4Q, exports grew 3.3% quarterly and imports gained 4.3%. (RTT)

Japan: Tertiary activity falls for second month. Japan's tertiary activity declined for the second straight month in Dec, data from the Ministry of Economy, Trade and Industry showed. The tertiary activity index declined 0.4% MoM in Dec, following a 0.6% decrease in Nov. Among the individual components, living and amusement-related services, financial and insurance, transport and postal activities, real estate, business-related services, and goods rental and leasing grew in Dec. On a yearly basis, the tertiary activity index declined 3.6% in Dec, following a 3.7% fall in the previous month. (RTT)


Media Prima (Neutral, TP: RM0.21): Not closing down ntv7, current team to execute DidikTV . Media Prima Group (MPR) has assured that it will not shut its television channel ntv7 to make way for DidikTV KPM, a new TV Pendidikan programme. (The Edge) Comment: Apart from producing education related content based on the Ministry of Education’s curriculum, we understand that the collaboration is expected to contribute positively to MPR’s bottomline. As the initiative is expected to take more than 1 year to build up, we are keeping our earnings estimates unchanged at this juncture, pending further clarity from the management. While we are positive on this collaboration, we believe the recent run up in share price has priced in near-term positives. Maintain Neutral with an unchanged TP of RM0.21.

TM (Trading Sell, TP: RM4.40): TM ONE inks deal with FNSV on blockchain technology. TM ONE, the business and public sector solutions arm of Telekom Malaysia Bhd (TM) and its wholly-owned subsidiary company, PT VADS Indonesia (PT VADS) has recently inked an agreement with Korean company, FNS Value Co Ltd (FNSV). In a joint statement, the parties said the agreement was to appoint PT VADS as the sole distributor of FNSV’s Blockchain Secure Authentication (BSA) for the Indonesian market. (Bernama)

KPower: Healthcare unit bags RM48.64m contract for airbags, Covid-19 test machine in Indonesia . KPower’s healthcare unit has won a RM48.64mcontract from an Indonesian company to provide airbags and a Covid-19 test machine. The company announced that its wholly-owned subsidiary Power Healthcare & Technologies SB (KPHealthTech) had accepted a letter of award from PT Biotech Maju Sejahtera (PT BMS) for the GeNose airbag and breathing bag, and GeNose Covid-19 test machine. (The Edge)

Careplus: Buys land in Seremban for expansion . Careplus Group is buying a piece of industrial land near Seremban, Negeri Sembilan to expand its warehousing and packing capacity. The company told the stock exchange that it has entered into a deal worth RM9.3m to acquire Shin Heung Electronics Malaysia SB, the owner of a 8,218 square meters parcel of freehold industrial land at the Tuanku Jaafar Industrial Estate. (StarBiz)

Pestech: Pestech and Furukawa Electric bag RM165m job in Cambodia . Pestech International (PSB) and its consortium partner Furukawa Electric Co Ltd have secured two contracts worth RM165m in Cambodia. Pestech said this is the company's first successful venture to export extra high voltage underground cable design and laying capability overseas. (StarBiz)

Widad Group: Partners German outfit to seek, bid for hydro projects in Malaysia . Widad Business Group is partnering with German manufacturer Voith Hydro GmbH & Co KG to seek and bid for hydro projects in Malaysia. The group said it had entered into a memorandum of collaboration (MoC) with Voith Hydro in order to pave the path for the two organisations to focus on and foster collaboration in mutual beneficial opportunities in Malaysia. (The Edge)

Market Update

The FBM KLCI might open higher today after the Dow Jones Industrial Average notched a record closing high, joining a global march propelling stock indices to record highs on Tuesday, as investors bet that COVID-19 vaccinations and US stimulus will deliver a durable economic recovery after a year of lockdowns. Bitcoin added to the bullish mood, briefly climbing above USD50,000 for the first time, while prospects of “reflation” - a boost in inflation from extraordinary fiscal stimulus - pushed US Treasury yields higher. The Dow Jones Industrial Average rose 64.35 points, or 0.2%, to close at 31,522.75, the S&P 500 lost 2.24 points, or 0.06%, to finish at 3,932.59 and the Nasdaq Composite dropped 47.98 points, or 0.34%, to end at 14,047.50. European shares ended about flat around a one-year peak on Tuesday as a boost from major mining and bank stocks was tempered by losses in most other sectors, with investors remaining uncertain over a euro zone economic recovery. The pan-European STOXX 600 index finished down 0.06%.

Back home, the FBM KLCI finished 1.93 points or 0.12% lower at 1,606.14. Glove counters Supermax Corp Bhd, Top Glove Corp Bhd and Hartalega Holdings Bhd declined as investors reacted to news that Malaysia will receive the Pfizer-BioNTech Covid-19 vaccine on Sunday for rollout from Feb 26. Hong Kong’s Hang Seng was up 1.90% or 573.09 points at 30,746.66, Japan’s Nikkei 225 rose 1.28% or 383.60 points to 30,467.75. The Shanghai market remains closed for the Lunar New Year holiday.

Source: PublicInvest Research - 17 Feb 2021

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